Gold Mine in Indonesia Begins 3,600-Metre Drilling, Potential of 7 Million Ounces
PT Merdeka Gold Resources Tbk (EMAS), a subsidiary of PT Merdeka Copper Gold Tbk, has commenced a diamond deep drilling programme reaching depths of 3,600 metres at the Pani Gold Mine. This exploration programme has the potential to increase mineral resources, which currently stand at approximately 7 million ounces of gold.
At present, the mine holds an estimated mineral resource of 291.5 million tonnes with an average gold grade of 0.75 grams per tonne (g/t), equivalent to about 7 million ounces of gold. This resource base serves as the foundation for developing a large-scale, long-life gold mining operation.
The Pani Gold Mine is located in Marisa District, Pohuwato Regency, Gorontalo Province. The estimated mineral resources originate from a 135-hectare exploration area, which is part of the Company’s 14,670-hectare concession.
Previous exploration indicated mineralisation beyond the boundaries of prior drilling programmes. This 3,600-metre diamond drilling programme is designed to evaluate the potential for expanding the existing resource base.
President Director of Merdeka Gold Resources, Boyke Abidin, explained that through this latest drilling programme, the Company will test the potential for continued gold mineralisation in deeper areas. The initial phase of the programme includes six boreholes, with one drilling rig already operational and a second rig scheduled to begin operations next month.
He noted that if initial results show positive potential, the Company plans to continue the drilling programme on a larger scale.
“As production begins at Pani, the Company is now in a more strategic position to continue testing the potential for mineralisation in deeper areas through six carefully designed boreholes. This programme also has the flexibility to be further developed if drilling results show positive potential,” Boylam stated in a written statement.
In Kolokoa, the Company has completed the initial drilling programme previously announced, involving 54 boreholes with a total depth of 11,701.6 metres. Within six months, at a cost of approximately USD 2.4 million, the Company has set an exploration target in Kolokoa in the range of 20 million to 40 million tonnes with gold grades of 0.3 g/t to 0.5 g/t, indicating additional resource potential. The Company is currently preparing the first mineral resource estimate, which is targeted for announcement in the second quarter of 2026.
Furthermore, the broader exploration programme will include the commencement of drilling activities at Lone Pine in the second half of 2026, as well as geophysical surveys via Mobile Magnetotelluric and helicopter-based airborne magnetic surveys planned for June or July 2026. Further information and data will be released once drilling material results are available and have been reviewed in accordance with applicable reporting standards, including the JORC Code 2012 and KCMI 2017.